Petronas has released an official statement which refers to the Financial Times’ report titled ‘PETRONAS subsidiaries seized as lawyers press $15bn claims on Malaysia, stating the actions taken are baseless.
The energy giant confirms that the two subsidiaries mentioned in the report have been served with ‘Saisie-arret’ on 11 July 2022 and wished to clarify that these subsidiaries, PETRONAS Azerbaijan (Shah Deniz) S.à r.l. and PETRONAS South Caucasus S.à r.l., have previously divested its entire assets in the Republic of Azerbaijan and the proceeds from the exercise have been duly repatriated.
This comes from FT news report stating that the two subsidiaries had in fact been seized by Sulu heirs and that Petronas had paid US$15 billion after losing a legal dispute dating back 144 years. (full story here)
Petronas views the actions taken against it as baseless and is working vigorously to defend its legal position on this matter.
